1st Source (NASDAQ:SRCE) Upgraded to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of 1st Source (NASDAQ:SRCE) from a neutral rating to an overweight rating in a research report report published on Monday, Marketbeat reports. They currently have $72.50 price objective on the financial services provider’s stock, up from their prior price objective of $70.00.

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Saturday, January 18th.

1st Source Stock Up 7.6 %

SRCE stock opened at $61.91 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.52 billion, a PE ratio of 11.79 and a beta of 0.82. 1st Source has a 1-year low of $47.30 and a 1-year high of $68.13. The business’s 50 day simple moving average is $60.76 and its 200 day simple moving average is $60.44.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. As a group, research analysts anticipate that 1st Source will post 5.46 EPS for the current year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Tuesday, February 4th. 1st Source’s dividend payout ratio is 27.43%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. R Squared Ltd acquired a new position in 1st Source in the 4th quarter valued at $40,000. Financial Life Planners bought a new stake in shares of 1st Source during the 4th quarter valued at $48,000. nVerses Capital LLC lifted its position in shares of 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 600 shares during the period. New York State Teachers Retirement System lifted its position in shares of 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 182 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of 1st Source during the 3rd quarter valued at $122,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.